By Brendan Conway

Suppose you want to play both sides. A handful of exchange-traded funds own a small enough piece of Facebook that the holding is effectively a call option. If, five years from now, the stock has blossomed a la Google (GOOG) or Apple (AAPL), these funds benefit. If it tanks, you’ll see but a modest drag.

Two surprising owners of Facebook stock are the Market Vectors Morningstar Wide Moat Research ETF (MOAT) and the Morningstar Wide Moat ETN (WMW), with weightings of nearly five percent apiece.

As Mike Hogan of Barron’s has explained, the index behind them tracks the stocks of companies with “a wide economic moat,” meaning the industry enjoys barriers to entry that “can provide a sustainable competitive advantage for 20 years or more.” Does Facebook really qualify? I have no idea. I have my doubts. But the stock is included in this pair nonetheless.

You probably can guess from the name that the First Trust Dow Jones Internet Index ETF (FDN) has a helping. Facebook is a little over 3% of the portfolio at this writing.

You have to be willing to own the volatile social media sector, including companies in Russia and China, to like the specialized sector fund Global X Social Media Index ETF (SOCL), which has a nearly 6% Facebook weighting.

Then there’s the First Trust IPOX 100 (FPX), the ETF with the biggest helping of Facebook, at 7.5%. This is a “buy the IPOs” fund whose index rules keep new stocks in there for a while. Visa (V) is still part of this ETF, as are General Motors (GM) and Dollar General (DG).

About Focus on Funds

As exchange-traded funds and other investing vehicles have ballooned in number, the task of figuring out what works well and what doesn’t has only gotten harder. Barrons.com’s Focus on Funds looks under the hood of ETFs, mutual funds and hedge funds for overlooked values, actionable ideas and the latest pitfalls for fund investors.

Chris Dieterich has covered the U.S. stock market for The Wall Street Journal and Dow Jones Newswires. He is a graduate of Regis University and the Missouri School of Journalism.